Paying for College

Financial Aid Insights

It’s that time of the year again. We’re coming up on April 1, which is a key date for college admissions. The Ivy League and some other so-called “elite” colleges use the late-March-early-April window as their common reply period. Of course, along with acceptances come financial aid awards.

Unfortunately, for many applicants this presents some difficult choices. First of all, financial aid awards should be reviewed by both the applicant and his/her parents. Paying for college is almost exclusively a family responsibility. From my point of view, perhaps the single, biggest consideration is how much debt will be taken on with student loans.

If your family is fortunate enough to be able to pay for everything without you, the accepted applicant, having to worry about loans, then consider yourself blessed. Your family is in the very small minority, perhaps among that vaunted 1%. Alternatively, perhaps you may be one of those incredibly fortunate students to have earned a “full ride” that covers all your college expenses. If so, you’re among an even smaller minority. Congratulations on having been recognized for your hard work and accomplishments.

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